Common use of Adjustment for Rights Issue Clause in Contracts

Adjustment for Rights Issue. If the Company distributes any rights or warrants to all holders of its Common Stock entitling them for a period expiring within 90 days after the record date for the determination of shareholders entitled to receive the rights or warrants to purchase shares of Common Stock at a price per share less than the Current Market Price per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O + M -------------- C' = O + N where: C' = the adjusted Exercise Price. C = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offered. P = the offering price per share of the additional shares. M = the Current Market Price per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights or warrants are issued and shall become effective immediately after the record date for the determination of shareholders entitled to receive the rights or warrants. If at the end of the period during which such warrants or rights are exercisable not all warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O + ----- M -------------- CE' = E x --------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes sets a record date for the distribution of any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 sixty (60) days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N O+(N x P -------------- C x O + P) E'=Ex M -------------- C' = O + N where: C' = --------- O+N Where E'= the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredoffered pursuant to such rights issuance. P = the offering price per share of the additional shares. M = the Current Market Price per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If no rights, options or warrants are distributed or at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants (whether or not immediately exercisable) to all holders of its Common Stock entitling them for a period expiring within 90 days after the record date for the determination of shareholders entitled to receive the rights or warrants to purchase shares of Common Stock at a price per share less than the Current Market Price Value per share on that the record datedate relating to such distribution, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + M -------------- C----- E' = E x M --------- O + N where: CE' = the adjusted Exercise Price. C E = the then current Exercise Price. O = the number of shares of Common Stock Fully Diluted Shares outstanding on the record datedate for any such distribution. N = the number of additional shares of Common Stock offeredissuable upon exercise of such rights, options or warrants. P = the offering exercise price per share of the additional sharessuch rights, options or warrants. M = the Current Market Price Value per share of Common Stock on the record datedate for any such distribution. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock or securities convertible into, or exercisable or exchangeable for, Common Stock, at a price per share less than the Current Market Price Fair Value per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O + M -------------- C' = O + N where: C' E’ = the adjusted Exercise Price. C E = the then current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissuable pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "“N" ” in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + M -------------- C--------- E' = E x M ------------------------- O + N where: C' = E'= the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights or --------------------------- warrants to all holders of its Common Stock entitling them for a period expiring within 90 days after the record date for the determination of shareholders entitled to receive the rights or warrants to purchase shares of Common Stock at a price per share less than the Current Market Price per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- ------- C x O + M -------------- C' --------- C/1/ = O + N where: C' C/1/ = the adjusted Exercise Price. C = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offered. P = the offering price per share of the additional shares. M = the Current Market Price per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights or warrants are issued and shall become effective immediately after the record date for the determination of shareholders entitled to receive the rights or warrants. If at the end of the period during which such warrants or rights are exercisable not all warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C ----- E'= E x O + M -------------- C' = ------------------ O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock Stock, or securities convertible into or exchangeable for shares of Common Stock, at a price per share less than the Current Fair Market Price Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + M -------------- C----- E' = E x M ---------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offered. P = the offering price per share of the additional shares. M = the Current Fair Market Price Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O + ----- M -------------- CE' = E x ------------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them to subscribe for a period expiring within 90 days after the record date for the determination of shareholders entitled to receive the rights or warrants to purchase shares of Common Stock or securities convertible into, or exchangeable or exercisable for, shares of Common Stock, in either case, at a price per share less than the Current Market Price Value per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O + M -------------- CN X P ----- E' = E x M ----------------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering price per share of the additional shares. M = the Current Market Price Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O 0 + M -------------- CNxP ------- E' = O + N E x M ------- 0+N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The If adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O + ----- M -------------- CE' = E x --------- O + N where: C' = E'= the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + M -------------- C----- E' = E x M ---------------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredto be issued pursuant to such rights, options or warrants. P = the offering price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 60 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price current market price per share on that record date, the Exercise Current Warrant Price shall be adjusted in accordance with the following formula: N x P -------------- C : (1) = W x O + M -------------- C' = O + N where: C' where W(1) = the adjusted Exercise Current Warrant Price. C W = the then current Exercise Current Warrant Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredoffered or issuable on the exercise of the rights, options or warrants. P = the offering price per share of the additional sharesshares subject to the rights or warrants. M = the Current Market Price current market price per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such warrants or rights are exercisable exercisable, not all warrants or rights shall have been exercised, the Exercise Current Warrant Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock or securities convertible into, or exchangeable for, Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + M -------------- C------------------- E' = E x M --------------------------------------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offered. P = the offering price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + M -------------- C----- E' = E x M ---------------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + M -------------- C--------- E' = E x M ------------------------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredto be issued pursuant to such rights, options or warrants. P = the offering price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights or warrants to all holders of its Common Stock entitling them for a period expiring within 90 days after the record date for the determination of shareholders entitled to receive the rights or warrants to purchase shares of Common Stock at a price per share less than the Current Market Price per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- --------- C x O + M -------------- C' = O + N where: C' = the adjusted Exercise Price. C = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offered. P = the offering price per share of the additional shares. M = the Current Market Price per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights or warrants are issued and shall become effective immediately after the record date for the determination of shareholders entitled to receive the rights or warrants. If at the end of the period during which such warrants or rights are exercisable not all warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: N x P -------------- C x O + O+______ M -------------- CE' = E x ________ O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.

Adjustment for Rights Issue. If the Company distributes any rights rights, options or warrants to all holders of its Common Stock entitling them for a period expiring within 90 45 days after the record date for the determination of shareholders entitled to receive the rights or warrants mentioned below to purchase shares of Common Stock at a price per share less than the Current Market Price Fair Value (as defined herein) per share on that record date, the Exercise Price shall be adjusted in accordance with the following formula: O + N x P -------------- C x O + ----- E = Ex M -------------- C' = ---------- O + N where: CE' = the adjusted Exercise Price. C E = the current Exercise Price. O = the number of shares of Common Stock outstanding on the record date. N = the number of additional shares of Common Stock offeredissued pursuant to such rights, options or warrants. P = the offering aggregate price per share of the additional shares. M = the Current Market Price Fair Value per share of Common Stock on the record date. The adjustment shall be made successively whenever any such rights rights, options or warrants are issued and shall become effective immediately after the record date for the determination of shareholders stockholders entitled to receive the rights rights, options or warrants. If at the end of the period during which such rights, options or warrants or rights are exercisable exercisable, not all rights, options or warrants or rights shall have been exercised, the Exercise Price shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued. This subsection does not apply to any rights or other securities issued under or in respect of any rights plan or poison pill adopted by the Company.